15th Sep 2014 07:32
LONDON (Alliance News) - Great Western Mining Corporation PLC shares were up in opening trade on Monday after the company said results from its 2014 field programme on the Golconda Thrust Group of claim groups in the US state of Nevada strongly indicate the presence of Carlin-type disseminated gold mineralisation.
Great Western shares were up 12% to 0.70 pence in early trade, putting it among the top performers on the AIM All-Share.
The company said four samples were taken from the JS Group prospect, one of the four claims in the Golconda Thrust Group. Gold was consistently anomalous in all four samples, as were arsenic and antimony, indicating the Carlin-type disseminated gold mineralisation at the site. Carlin-type gold deposits are sediment-hosted disseminated gold deposits and are named after the first large deposit of this type found in Nevada.
Great Western said it will follow up the results with a detailed soil grid and rock-chip geochemical programme and said Carlin-type low-grade disseminated gold potential will become a drill target for the JS Group should the same minerals be found in the latter sample sets.
"This is an excellent development from the first results of the company's 2014 field programme, and further demonstrates the potential value of GWM's extensive bank of Federal Land leases in Nevada," said Great Western Chief Executive David Fraser.
By Sam Unsted; [email protected]; @SamUAtAlliance
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